Dogecoin Price Analysis: How Low Can DOGE Go?
DOGE Price Chart | Source: crypto.news
The price of DOGE reached a high of $0.4853, which is a key level near the extreme overbought area of the Murrey Math line tool. Since then, the price has broken below strong pivot releases and the 50-day moving average.
The accumulation/distribution indicator points downward, indicating ongoing distribution.
The next key level to watch is $0.2293, which was the highest volatility in March. This level also aligns with the horizontal line of the cup and handle pattern.
A drop below $0.2293 could increase the likelihood of DOGE falling to the major support/resistance level of $0.1953, which is about 30% lower than the current price.
Investors should be cautious about dead cat bounces when considering buying the dip. A dead cat bounce occurs when an asset briefly rises during a downtrend and then resumes its downward trajectory.
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